Defer Med School for 1 Year to Work in IBanking

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excalibur86 said:
Hi,

I'm a rising junior right now at an ivy league school, and I've wanted to be a doctor my entire life. However, in doing this, I have completely disregarded other career options in which I might succeed. Talking to others at my school has piqued my interested in ibanking. So far, I'm still sure I would like to pursue medicine, but I also have a slight inclination towards investment banking. I've always been a very quantitative guy, and learning about economic trends fascinates me (I read the economist every week).The long hours don't deter me, as i'd be studying long hours in med school anyway. Additionally, the prospect of working with other energetic and motivated people in NYC seems pretty exciting. So I was wondering whether this would be a legitimate or completely foolhardy plan. Assuming I get accepted to med school, would it be wise to defer my acceptance for a year to work in ibanking, and then decide whether it's right for me? If I discover that I do not have the personality required for success in ibanking, then I'll be able to pursue medicine knowing fully well that I've looked into other career options. My fear is just going straight into med school without having any perspective on what other jobs might entail. Let me know how this sounds to you guys (grill me all u want!)
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Eh... then you should probably apply during when you are working as an investment banker than afterwards, because the really nice thing you can say when you're working in that job is "I know what I do NOT want to do with the rest of my life". Most college grads who go straight into med school can't say something like that.

Also, some schools want a good reason in order to qualify for a deferral. This may or may not pass the muster.
 
You should definitely go for the I-banking internship. You may end up really enjoying it, or it may just end up strengthening your desire to go into medicine. It should be a good experience either way.
 
excalibur86 said:
Hi,

I'm a rising junior right now at an ivy league school, and I've wanted to be a doctor my entire life. However, in doing this, I have completely disregarded other career options in which I might succeed. Talking to others at my school has piqued my interested in ibanking. So far, I'm still sure I would like to pursue medicine, but I also have a slight inclination towards investment banking. I've always been a very quantitative guy, and learning about economic trends fascinates me (I read the economist every week).The long hours don't deter me, as i'd be studying long hours in med school anyway. Additionally, the prospect of working with other energetic and motivated people in NYC seems pretty exciting. So I was wondering whether this would be a legitimate or completely foolhardy plan. Assuming I get accepted to med school, would it be wise to defer my acceptance for a year to work in ibanking, and then decide whether it's right for me? If I discover that I do not have the personality required for success in ibanking, then I'll be able to pursue medicine knowing fully well that I've looked into other career options. My fear is just going straight into med school without having any perspective on what other jobs might entail. Let me know how this sounds to you guys (grill me all u want!)
Click to expand...

In answer to the bolded part first, no. It is highly unlikely that any school would allow you a deferment to go try your hand at another occupation for a year. It's not a legitimate reason to request one.

If you are unsure what you want to do, try out the other jobs first, and then apply. That would give you time to mature and enter med school with a different perspective than if you went straight in, not certain that it was the right choice for you.

Please try the Advanced SEARCH function. This subject, under many similar veils, has been discussed numerous times. You may find all the information you need in an existing thread.
 
dont let anybody tell you (because people on here will try) that you have to 100% KNOW DEEP IN YOUR SOUL you want to be a doctor forever to be one.

You can be a great doctor even if you don't posses such perfect insight into your interest. Go do Ibanking for a little while. You are young, no matter what you end up doing you are gonna do it for 35+ years so you'll get tired of whatever it is, but you owe it to yourself to find out what you will get less tired of.

GO for the Ibank for a little while, worst case scenario you had the chance to experience that crazy, big city, cut throat, action packed, boilier room **** and a little cash put away to aid your med school debt load as you move on to what you really want to settle in.
 
i have a strong finance background, and although one year of investment banking might seem nice, let me try and explain why it might not be ideal

the investment banking analyst programs are 2 year training programs - you are expected to really put in your two years, because there is a high initial cost of training you in that you aren't that productive the 1st year but hopefully you make up for it with the work you do during your 2nd year

you would burn a lot of bridges by quitting after 1 year, and although you would leave the finance world completely for medicine, you should realize that it would be extremely difficult if not impossible to find another job on wall street once you've left an i-banking training program

i personally think that you should wait until after your first year of i-banking to apply to med school, because you are not being 'professional'
imo, i don't think you should defer an acceptance because you are interested in another career path and want to test the waters - it'd probably be more honest to just wait until the end of your first year of i-banking to apply to medical school

additionally, you are not being professional with the i-banking firm as they are investing a ton into you to train you - i think it'd show a lot of resilience and the ability to handle a lot if you are able to get through a 2 year analyst stint

personally, a 2 year analyst stint is comparable to residency in the long hours and stamina required, so you'd prob be well prepared mentally, but more importantly, you could probably pay a large sum of your medical school tuition if you are able to shine as an i-banking analyst

PM if you have any other questions
 
A) A one year deferment will not be nearly long enough to start working in I-Banking.

B) Unless, you have connections ready to give you a major job, you wont be doing anything worth doing.

C)You are probably a troll.
 
Bacchus said:
NOT EVERYONE ON THIS MESSAGE BOARD IS A TROLL AFTER THEIR FIRST POST. Sorry, had to do it. :meanie:
Click to expand...

Yeah, some people are way to quick in labeling new posters as trolls. I mean, this seems to be a fairly legitimate question
 
No real point in suspecting someone's a troll if their post isn't causing trouble. People are responding genuinely and I'm sure a lot of premeds (especially myself) have considered other possible career paths so this has been really helpful. Hopefully there's more advice on the way!
 
djfermion said:
No real point in suspecting someone's a troll if their post isn't causing trouble. People are responding genuinely and I'm sure a lot of premeds (especially myself) have considered other possible career paths so this has been really helpful. Hopefully there's more advice on the way!
Click to expand...

There have been many many many many many I-banking versus medicine threads on this board. Most of them end up in chaos.
 
WinterLights said:
There have been many many many many many I-banking versus medicine threads on this board. Most of them end up in chaos.
Click to expand...

However, the difference is that this time you started it.

Again, echoing what other people have said, you should apply only after you've decided that medicine is what you want to do. Going off on other potentially permanent expeditions is not a good idea.
 
Quick interjection here. Whenever you suspect a troll, the most efficient way to handle the situation is the use the handy dandy
report.gif
button provided. All reports will be reviewed for merit. In thread comments may not be noticed, and wind up encouraging the real trolls, and being taken as insults by legitimate posters. End of lesson.:prof: (Gave me an excuse to use that new smiley.)

Now, let's get back to answering the question in the original post.
 
TheRealMD said:
However, the difference is that this time you started it.

Again, echoing what other people have said, you should apply only after you've decided that medicine is what you want to do. Going off on other potentially permanent expeditions is not a good idea.
Click to expand...

:laugh: Touche.
 
txprodigal said:
i have a strong finance background, and although one year of investment banking might seem nice, let me try and explain why it might not be ideal

the investment banking analyst programs are 2 year training programs - you are expected to really put in your two years, because there is a high initial cost of training you in that you aren't that productive the 1st year but hopefully you make up for it with the work you do during your 2nd year

you would burn a lot of bridges by quitting after 1 year, and although you would leave the finance world completely for medicine, you should realize that it would be extremely difficult if not impossible to find another job on wall street once you've left an i-banking training program

i personally think that you should wait until after your first year of i-banking to apply to med school, because you are not being 'professional'
imo, i don't think you should defer an acceptance because you are interested in another career path and want to test the waters - it'd probably be more honest to just wait until the end of your first year of i-banking to apply to medical school

additionally, you are not being professional with the i-banking firm as they are investing a ton into you to train you - i think it'd show a lot of resilience and the ability to handle a lot if you are able to get through a 2 year analyst stint

personally, a 2 year analyst stint is comparable to residency in the long hours and stamina required, so you'd prob be well prepared mentally, but more importantly, you could probably pay a large sum of your medical school tuition if you are able to shine as an i-banking analyst

PM if you have any other questions
Click to expand...


No one at the IB will bat an eyelash if you left after 1 year. In fact, they wont give it any thought one way or another. Also its simply is not true that banks lose money on analysts.
 
I agree with txprodigal, don't ditch an employer who is heavily invested in you...say you drop out of med school after two years and want to return to i-banking- no employer will want to hire you with that kind of history when there are plenty of other 'clean' candidates to choose from. And it might be hard to get a good letter from a supervisor.

Wait a year to apply, try the i-banking out, if you hate it you can make it through the program knowing that you're going into something new soon enough. Not to mention, you'll be a pro at investing all that hard-earned cash you're going to make as a doctor. That kind of education is worth deferring a year imo 😉
 
If you can land an IB gig in this upcoming recruiting season, kudos to you. I'll likely be trying to do the same, but it's going to be the toughest it's been in at least 5 years to get a spot at BB's with the rate they're shedding employees with 10+ years of experience. Realize you're only a rising junior, but I'm not too optimistic about how things will look come January.
 
I think a 1 year internship in iBanking is going to be you doing pretty menial work from 8am to 4am some nights (no overtime) and maybe getting some networking which won't be useful if you're dead set on medicine.

If you really want to explore other career options to be able to say you have a perspective on them before medicine, you will most likely need more than one year out there.

Also, how are you going to spin it on your deferment request? "I want to take a year off to go make sure that medicine is what I want to do, even though you accepted me thinking that I was sure already."
 
FYI a lot of people's responses on IB are Inaccurate.

You are a rising junior at a traget. You should easily be able to network during recruiting season and land an Summer Analyst position at an IB. Its usually an 8- 10 week internship. You will make between 12-15 grand for the summer, but an average week will be about 90 hours. Try it out and submit your Med school apps that summer.

PS. I dont think many people fall in love with the work at the analyst level. Your primary duty will be excel modeling for deals and editiing pitchbooks. Most people stick it out for the insane levels of compensation.
 
parto123 said:
No one at the IB will bat an eyelash if you left after 1 year. In fact, they wont give it any thought one way or another. Also its simply is not true that banks lose money on analysts.
Click to expand...

I just wanted to know where you got your information. The banks spend a lot of time on recruiting individuals for summer internship positions and then wining/dining them to get them to come for back for full time positions and then taking the time to train them to do the analyst work fully expecting them to honor their commitment for the 2 year training program.

Like I said before, even though you would be leaving finance for medicine, if something ever happened to change your mind again down the line, it would be next to impossible to get a glamorous job on wall street having left an analyst training program.

Turtlespeed had a good idea though. If you really want to try out investment banking, do the summer analyst program which will have you working right alongside full time analysts in the training program. You will get a real taste of what it's like, and it's only 10 weeks or so compared to the 52 weeks you are considering of your life.
 
txprodigal said:
I just wanted to know where you got your information. The banks spend a lot of time on recruiting individuals for summer internship positions and then wining/dining them to get them to come for back for full time positions and then taking the time to train them to do the analyst work fully expecting them to honor their commitment for the 2 year training program.
Click to expand...


The folks at IBs don’t give a rats a$$ about analysts, and see the as fungible commodities. They see so many new ones each year that they would hardly notice or care if one left. And likewise they would just as soon drop the analyst for the slightest inconvenience. Its laughable that one should be concerned about loyalty or cost to these major institutions considering they have zero loyalty to you.

Youre right that it would be hard to get back into banking, but its always difficult to get back once you leave the field.

Also, all major service industries (finance, law, consulting etc.) like to make the bogus claim that they lose money on juniors, their first 2 or so years. The reason for doing this is foster an appreciative attitude among the junior ranks- that the company is doing them a favor rather than the other way around. I know for wall street law firms, this has been analyzed ad nauseam, and the claim was found to be total BS. And if banks were losing money on analyst programs they simply wouldn’t do them.
 
Turtlespeed said:
FYI a lot of people's responses on IB are Inaccurate.

You are a rising junior at a traget. You should easily be able to network during recruiting season and land an Summer Analyst position at an IB.
Click to expand...

Easily? It's not as hard as getting into a good medical school by any means but in the current environment I wouldn't call it easy. In the midst of the dot com boom when firms were hiring like crazy? easy. When every firm has already announced thousands in layoffs (ok maybe GS was only hundreds)? not so easy.
 
So where has the OP been all of this time?

Forcing people to pay the toll before crossing his bridge probably.
 
parto123 said:
The folks at IBs don’t give a rats a$$ about analysts, and see the as fungible commodities. They see so many new ones each year that they would hardly notice or care if one left. And likewise they would just as soon drop the analyst for the slightest inconvenience. Its laughable that one should be concerned about loyalty or cost to these major institutions considering they have zero loyalty to you.

Youre right that it would be hard to get back into banking, but its always difficult to get back once you leave the field.

Also, all major service industries (finance, law, consulting etc.) like to make the bogus claim that they lose money on juniors, their first 2 or so years. The reason for doing this is foster an appreciative attitude among the junior ranks- that the company is doing them a favor rather than the other way around. I know for wall street law firms, this has been analyzed ad nauseam, and the claim was found to be total BS. And if banks were losing money on analyst programs they simply wouldn’t do them.
Click to expand...

Much like residents. "Cheaper" labor that works for long hours. Easily made happy with money. Rinse and repeat for new recruits.
 
Yes Easily, assuming the OP is at a target school for IB jobs, I am guessing at least 20-25% of his class will go into IB. Assuming that he has a solid GPA, he should be able to land a IB summer analyst position. I did not say that he will for sure land a position with a BB (bulge bracket), but can definitely get a IB internship. Most IB experience will be reflective of the industry as a whole.
 
Turtlespeed said:
Yes Easily, assuming the OP is at a target school for IB jobs, I am guessing at least 20-25% of his class will go into IB. Assuming that he has a solid GPA, he should be able to land a IB summer analyst position. I did not say that he will for sure land a position with a BB (bulge bracket), but can definitely get a IB internship. Most IB experience will be reflective of the industry as a whole.
Click to expand...

Understood, I thought you were implying BB only which is pretty much all anyone cares about at targets. Sure with a decent GPA at a target you can get some boutique or MM bank to give you a summer position.
 
I'm a rising junior right now at an ivy league school, and I've wanted to be a doctor my entire life. However, in doing this, I have completely disregarded other career options in which I might succeed. Talking to others at my school has piqued my interested in ibanking. So far, I'm still sure I would like to pursue medicine, but I also have a slight inclination towards investment banking. I've always been a very quantitative guy, and learning about economic trends fascinates me (I read the economist every week).The long hours don't deter me, as i'd be studying long hours in med school anyway. Additionally, the prospect of working with other energetic and motivated people in NYC seems pretty exciting. So I was wondering whether this would be a legitimate or completely foolhardy plan. Assuming I get accepted to med school, would it be wise to defer my acceptance for a year to work in ibanking, and then decide whether it's right for me? If I discover that I do not have the personality required for success in ibanking, then I'll be able to pursue medicine knowing fully well that I've looked into other career options. My fear is just going straight into med school without having any perspective on what other jobs might entail. Let me know how this sounds to you guys (grill me all u want!)
Click to expand...

You, my fren', sound EXACTLY like me 6 months ago. I was STRONGLY looking into getting an Ibanking internship and maybe working a little before med school. I was thinking also it might lead me to an MD/MBA which could be useful. I even began the interviewing process.

But, after a lot of thinking and talking to people, I decided against this for several reasons. Here are some things to consider:

a.) Most good I-banking jobs require a minimum 2 year commitment after college. This means you'd have to plan your MCAT accordingly (late), so that it was still valid by the time you were applying.

b.) I-banking has the reputation for being "all about the money". No official will tell you this directly, but I suspect this doesn't look the greatest when applying for a field where you are supposed to care about helping people without regard for money. Not to mention, I-banking is not a happy place... 'friends' will backstab you for the opportunity to make a little more money. This isn't the same crowd that med schools want (rightfully).

c.) I spoke to a long time I-banker about my dilemma. He told me his brother became a doctor and he went into I-banking and he is very envious of his brother now. True, this guy makes a ton of money, but he is utterly unhappy. He said he has had people he thought were his friends completely dump him for a raise, backstab him and use inside information for their own prosper. He envies the virtue in his brother's job, and the satisfaction that brings...a satisfaction this man deeply lacks. He STRONGLY recommended I do not even bother with I-banking, and stick to what I truly love. He said, and I quote, "Do not sell your soul." And indeed this has come to be what I-banking really is...at least to me.

So.... long story short... I got caught up in that whole I-banking thing too. Indead, going to an ivy league, that's what every single one of my friends are doing. But, alas, those are not the types of people I want to be around, or the type of person I want to become.

I will pass-on the recommendation that spending time in I-banking will do little for you as a person, beyond the money it makes you (but that's also two years less of a physician's salary).

Good luck.
 
TupacalipseT96 said:
c.) I spoke to a long time I-banker about my dilemma. He told me his brother became a doctor and he went into I-banking and he is very envious of his brother now. True, this guy makes a ton of money, but he is utterly unhappy. He said he has had people he thought were his friends completely dump him for a raise, backstab him and use inside information for their own prosper. He envies the virtue in his brother's job, and the satisfaction that brings...a satisfaction this man deeply lacks. He STRONGLY recommended I do not even bother with I-banking, and stick to what I truly love. He said, and I quote, "Do not sell your soul." And indeed this has come to be what I-banking really is...at least to me.

Good luck.
Click to expand...

if it helps, one of the ultimate exit opportunities for i-banking analysts is to go and work for a hedge fund and that's where i was right before i quit

i personally second the
He said, and I quote, "Do not sell your soul." And indeed this has come to be what I-banking really is...at least to me.
Click to expand...
 
The Dean of Admissions for Duke Medical School happened to be my academic advisor for my first two years of undergrad. I revealed to her that I was thinking about taking my Econ major to a career in IB, and she told me a story about a guy she admitted to Duke Med a few years ago.

During the interview, she asked why he left IB and was so sure that he wanted to be a doctor now. He said that the moment of awakening came for him on September 11 as he watched the second plane crash into the WTC. He looked around him on the trading floor of a major IB and realized that hardly anyone had missed a beat and most had continued working right on through it.

edit: I realize for the purists out there that trading is not IB in the strict sense of the term, but the basic point is still valid.
 
matt0586 said:
During the interview, she asked why he left IB and was so sure that he wanted to be a doctor now. He said that the moment of awakening came for him on September 11 as he watched the second plane crash into the WTC. He looked around him on the trading floor of a major IB and realized that hardly anyone had missed a beat and most had continued working right on through it.
Click to expand...

I find this story very very hard to believe (not he said this in the interview, but that it actually happened).
 
matt0586 said:
During the interview, she asked why he left IB and was so sure that he wanted to be a doctor now. He said that the moment of awakening came for him on September 11 as he watched the second plane crash into the WTC. He looked around him on the trading floor of a major IB and realized that hardly anyone had missed a beat and most had continued working right on through it.
Click to expand...

ha, not surprised at all. traders are trained to keep their emotions out of the way. i imagine there are times that can be helpful as a doctor.
 
beancounter21 said:
ha, not surprised at all. traders are trained to keep their emotions out of the way. i imagine there are times that can be helpful as a doctor.
Click to expand...

hmm, i'm not completely sure on this one, but i think the markets were closed soon after the attacks began - so i don't know if traders had to keep their emotions in check...
 
txprodigal said:
hmm, i'm not completely sure on this one, but i think the markets were closed soon after the attacks began - so i don't know if traders had to keep their emotions in check...
Click to expand...


Youre right. Actually, come to think of it, the American and new york stock exchanges never even opened on 9/11.
 
parto123 said:
Youre right. Actually, come to think of it, the American and new york stock exchanges never even opened on 9/11.
Click to expand...

hmm, good point. maybe they were still trading on the european exchanges, or the story is false.
 
beancounter21 said:
hmm, good point. maybe they were still trading on the european exchanges, or the story is false.
Click to expand...

Well, the story is probably false for many other reasons. For one, virtually everybody in nyc knew friends or family who worked in the wtc or adjacent buildings. There is no way a whole trading floor can ignore the fact that a friend or relative was possibly killed. Perhaps one or two weirdos trucked on, but they would be the exception.

Second, the entire city (and im guessing the country, but especially nyc) completely stopped what they were doing. Downtown had smoke everywhere and the windows of all the nearby buildings shattered. Many were fearing more attacks so the masses started evacuating out of buildings as far as upper midtown. All the subways were shut down so people were trapped in the city and were looking for ways to get out. No one was working on anything.

Last, just talk to people who were in nyc finance or banking back then. They were all just as devastated as everyone else, and definitely did stop working after the planes hit.
 
IB is grueling. Analysts are hired for 2 yrs typically not 1 but u could probably get away with breaking contract. Applying during your IB job is going to be really hard since you work 100 hrs a week and WILL NOT be given permission to go running away to interviews. So apply beforehand and try to get the deferral.
 
I lol'd, my kitty yawned

Perrotfish said:
SDN Troll Madlibs! Just fill in the blanks with any of the following words:

I-Banking
DO vs. MD
Homeopathic Medicine
URM
Gunner
4.0
Top 10 school
****ty medical school
Doctor's don't make enough money
you can do medicine for the money
Just want to help people

Example: Origionally I wanted to apply to medical school because I just want to help people. However I decided to take a year off to try investment banking because doctors don't make enough money. However I decided then that you can do medicine for the money as long as you go to a top 10 MD school, instead of a ****ty DO medical school. So I worked hard to get a 4.0, even though it meant spitting in everyone elses O-Cheam reactions. I don't know why everyone calls me a gunner, just because I care about my future. Unfortunately my spot for medical school was taken by a URM, so now I practice homeopathic medicine instead. It really works!
Click to expand...
 
I don't think 2 year deferals are possible.

And with your SSN, medical schools will know if you BS about how you want to do service at Africa for 2 years and defer, and then instead actually went ibanking

jelly476 said:
IB is grueling. Analysts are hired for 2 yrs typically not 1 but u could probably get away with breaking contract. Applying during your IB job is going to be really hard since you work 100 hrs a week and WILL NOT be given permission to go running away to interviews. So apply beforehand and try to get the deferral.
Click to expand...
 
I find this story very very hard to believe (not he said this in the interview, but that it actually happened)
Click to expand...

I was skeptical of the story myself, could have been something he made up because it sure sounded good. I was also getting it secondhand from an admissions Dean who probably doesn't understand the IB/trading world very well and thus may have distorted some of the details of his job.

Whether it's actually true or not, reflecting back on the types of personalities I know who are in IB and successful at it, I wouldn't find it hard to believe.
 
I was in the exact same boat as the parent poster and absolutely recommend that you try for an IB internship and go from there. I had an IB internship this summer and have also been working on my med apps. After working at a bank for a couple months, I know I want to do med school. However, I am going to try to defer for a year simply for the experience.

You will learn a ton doing IB for a year. There is a lot of grunt work, but what you learn from the people you work with and business and finance in general will benefit you regardless of what career path you choose, not to mention the money you can make to pay off loans and how much smarter you become financially.

Also don't worry about there being a 2 year commitment. Plenty of banks laid off 1st years this year so they don't really give a **** about analysts - you may not get employed back at that particular bank, but who cares you'll be in med school (and contrary to what you might here, other firms won't care if you left after a year).

I've heard deferring admission to work a year does not usually fly with admissions committees, but I'm going to try anyways. I feel like I can make a pretty compelling case of how it would benefit my career and even the student body (not to mention the also legitimate debt concern). Anyhow, deferral is a case by case basis depending on the med school and your personal situation.
 
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